FREE Guide: 6 Fibonacci Types that Create the Most Precise Price Levels, Targets, and Reversal Zones

May 22 Chart of the Day - Target

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Target (TGT) missed their earnings mark for the first quarter blaming inflation and their stock price promptly dropped about 7% earlier today. 

We last featured Target's chart from a price action technical analysis perspective one year ago for earnings and decided it was time to update levels of interest.

Monthly Chart 

Target monthly price action technical analysis review

On the monthly chart we can see that price rose to the $180 area but was rejected in a forceful manner in the form of previous support/resistance and a bear 50% Fibonacci retracement

Since then, price has fallen in swift fashion to its current $144 level.

Weekly Chart

Target weekly price action technical analysis review

On the weekly chart we can see with much more clarity the recent climb to the $180 level and subsequent fall.

Trading around $144 earlier today is price simply retesting the previous area on the chart to form a higher low or is this the "real deal" for the bears with more downside coming?

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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